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Shafaq News/ Asia's imports of crude oil probably rose to a record level last November, but refineries were ensuring sufficient stocks before possible disruptions in shipments from Russia.
The European Union's ban on imports of crude oil from Russia takes effect on December 5, along with other measures aimed at making it difficult for the world's second largest oil exporter to benefit from its energy exports.
Although China and India, the world's largest and third largest importers of crude oil, have not signed such a ban, they may find it difficult to continue importing in huge quantities in recent months due to restrictions on shipping capacity, financing and insurance.
According to data from Refinitiv, a US-British global provider of financial market and infrastructure data, "India's imports of crude oil stabilized at 4.69 million barrels per day, the highest level in four months, up from 4.24 million barrels per day in October."
The company added, "Imports from Russia have reached a record level of 1.0 million barrels per day, making it the largest supplier, thus surpassing Iraq, whose oil exports to India amounted to 960,000 barrels per day."
"The main uncertainty for India is whether it can sustain such large volumes of imports from Russia after December 5 given the new measures," she noted.
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